It is unclear to me from this report, actual what these figures measure. For example, if there are more forced sales of "Devine" investor apartments, by investors who overpaid and who are struggling with mortgage repayments, and other investors and owners are holding on to quality stock, will this impact the above statistics. Are these numbers really "like for like" comparisons.

"In Australia’s largest market, Sydney, houses and units are averaging between 44 and 49 days to sell. At the other end of the spectrum, Brisbane properties are averaging around a month to sell the average home."

"The RP Data/Rismark International end of month Property Value Indices Report now indicates that while the Australian property market has softened, it remains steady with national values increasing by 1.46 per cent over the three months to March ’08, an annualised return of around 6 per cent.

Despite interest rate rises and inflation fears, this is quite a good result and demonstrates the good risk/return characteristics of diversification in an Australian residential property portfolio.

When compared to the share market, this return seems all the more positive. As an example, during the March quarter the ASX200 and All Ordinaries dropped 15.5 per cent and 15.8 per cent respectively.

Based on the RP Data – Rismark findings, the only capital cities to record a fall in property values were Perth and Canberra where dwelling values declined by 1.0 per cent and 0.6 per cent respectively over the quarter. Despite the fall, Perth units hold the most expensive median value of any capital city at $464,000."

"Brisbane recorded growth of around 20 per cent with most regions delivering returns of 15-20 per cent over the year to March ’08. Inner city Brisbane stands out as the best performing region with growth of 35 per cent over the year."

"Another rise in interest rates will certainly cool the market further. The markets most affected will be the mortgage belts of Australia where mortgage stress is already at critical levels. A further rate rise could see property prices fall a further five percent in these locations. On the other hand, a constant interest rate environment would likely put a floor under many areas which have seen significant value falls. If rates remain stable over the next twelve month we would expect national dwelling values to remain in positive growth territory. "